Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0806%/8h= −88.2% APRpaid last 24h −0.113%

Price spread now: OKX against Backpack−0.318%7-day average −0.184% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$520.525% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.704%−$70 on $10k

Price spread, last 4 days (all we have)+0.243%+$24 · spread now −0.318%, 7d avg −0.184%

Together, before fees−0.460%−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and OKX is 0.134% cheaper against Backpack than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.184%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5471	0.0906	pay 0.0113% / 1h	8m 53s	$357K	$488K	15x
Short	OKX PENDLE-USDT-SWAP	2.5390	0.0100	get 0.0050% / 4h	3h 08m	$3.3M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee OKXbpOrdersPrice spread, now −0.318%Rate

Funding earned: −$169.19
Price spread: −0.318% → −0.184%: −$13.35
Slippage, 4 orders: −$32.47
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$235.02
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from Backpack: live order book, 65 min ago; OKX: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 65 min ago	1.39 bp	7.2 bp −$7	33.0 bp −$330	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.97 bp	14.9 bp −$15	80.5 bp −$805	doesn't fit	doesn't fit

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.4643%	1h	2.5030	−1.731%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0417%	1h	2.5456	−0.059%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0207%	8h	2.5409	−0.243%	$15.6M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.491%	$419K	$1.7M	10x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5420	−0.202%	$27.5M	$42.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0097%	8h	2.5410	−0.239%	$17.2M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5395	−0.299%	$165K	$565K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0081%	1h	2.5358	−0.444%	$77K	$237K	50x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.5430	−0.161%	$1.3M	$677K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0025%	8h	2.5453	−0.071%	$20K	$16K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	−0.0024%	8h	2.5356	−0.452%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5455	−0.062%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0046%	8h	2.5426	−0.176%	$48K	$174K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5450	−0.083%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5448	−0.092%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5444	−0.106%	$541K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5428	−0.170%	$36K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5390	−0.318%	$3.3M	$6.1M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5410	−0.239%	$792K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5432	−0.153%	$883K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5398	−0.287%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5404	−0.263%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5355	−0.456%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5470	−0.004%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5452	−0.075%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5468	−0.012%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0361%	1h	2.5463	−0.031%	$13.1M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0611%	1h	2.5498	+0.108%	$119K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5440	−0.122%	$144K	$463K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0906%	1h	2.5471	long leg	$357K	$488K	15x